| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 92 | 87 | 92 | 99 | 118 | 131 | 129 | 128 |
| Borrowings | 26 | 14 | 9 | 13 | 31 | 33 | 21 | 27 |
| Other Liabilities | 39 | 39 | 46 | 55 | 72 | 64 | 69 | 76 |
| Total Liabilities | 160 | 142 | 149 | 169 | 223 | 230 | 221 | 234 |
| AssetsFixed Assets | 45 | 42 | 39 | 39 | 57 | 60 | 59 | 59 |
| CWIP | 0 | 0 | 0 | 4 | 3 | 0 | 1 | 1 |
| Investments | 18 | 15 | 11 | 11 | 9 | 12 | 13 | 13 |
| Other Assets | 96 | 86 | 98 | 115 | 154 | 158 | 149 | 162 |
| Total Assets | 160 | 142 | 149 | 169 | 223 | 230 | 221 | 234 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 5 | -4 | 11 | 8 | 5 | 6 | 12 | 23 |
| Cash from Investing | 3 | 5 | 3 | 1 | -9 | -19 | -8 | -13 |
| Cash from Financing | -8 | 0 | -14 | -7 | 2 | 14 | -5 | -10 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 4 | -10 | 10 | 6 | -5 | -15 | 7 | 16 |
| FCF Margin | — | — | — | — | — | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
INTLCOMBQ · CYCLICAL_UNMODELABLE
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